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STOCKS NEWS THAILAND-Citi raises Krung Thai Bank price target
January 22, 2013 / 2:42 AM / 5 years ago

STOCKS NEWS THAILAND-Citi raises Krung Thai Bank price target

Citi Research raised its price target on Krung Thai Bank Pcl to 25.5 baht from 23 baht, citing strong revenue outlook and lower risk of future provision.

The stock fell 0.97 percent to 20.5 baht on Monday after it reported weaker-than-expected fourth-quarter results due to high provision as the new company management tried to bolster its balance sheet.

“Despite the provision, Krung Thai Bank 2012 profit still grew by 39 percent and we expect progress on core business to drive 2013 profit growth of 40 percent,” the broker said in a report dated Jan 21.

“With strong revenue momentum ... plus lower future provision risk, we raise EPS by 9-14 percent,” it said.

Krung Thai Bank shares have risen 4.6 percent so far this year versus a 0.7 percent gain of the broader banking subindex .

0920 (0220 GMT)

(Reporting by Viparat Jantraprap in Bangkok; Editing by Subhranshu Sahu)

$1 = 29.73 baht

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